Fractal Analytics IPO: Live GMP, Subscription & Allotment Link 🚀

• Fractal.ai: This is the main segment and includes AI services and AI products. AI products are mainly delivered through the Company’s Cogentiq platform, which helps enterprises to build, deploy and manage AI applications with proper governance, security, and monitoring features.
• Fractal Alpha: This segment includes independent AI-driven businesses that focus on developing new technologies, platforms, and use cases. These businesses have separate leadership structures to encourage innovation and faster execution.

What Does the Company Do for Clients?

Fractal provides end-to-end / complete AI solutions to businesses. This includes identifying business problems, designing AI-based solutions, building analytical and AI models, deploying them into business systems and supporting business teams in using them. Its services are aimed at improving decision-making in marketing, sales, supply chain, operations, finance, and business strategy.

Company combines data engineering, analytics, machine learning, and design capabilities to help clients integrate AI into daily business work or processes.

Who are the “Must-Win Clients” (MWCs)?

Fractal mainly works with large global enterprises referred to as “Must Win Clients” (MWCs). These are companies that meet set thresholds related to revenue, market capitalisation, or customer scale. As of September 30, 2025, the Company served 122 MWCs.

Its AI solutions are used for customer behaviour analysis, demand forecasting, pricing decisions, marketing effectiveness, supply chain optimisation and executive decision support. All this helps organizations improve efficiency and business results.

Industry Presence: Who Does Fractal Work With?

The Company has experience in consumer packaged goods and retail, technology, media and telecom, healthcare and life sciences and banking, financial services and insurance. As of March 31, 2025, Fractal worked with many leading companies in these sectors, based on their industry revenue rankings.

Fractal AI Innovation: Kalaido, Vaidya, and Project Ramanujan

Fractal invests in research & development in advanced AI technologies. Its innovation initiatives include

• Kalaido.ai, a diffusion-based foundation model that converts text into image
• Vaidya.ai, a multi-modal AI platform designed to support medical reasoning and healthcare decision-making;
• Project Ramanujan, an initiative focused on mathematical reasoning models.

These efforts help Company’s work in generative AI, reasoning systems & agent-based AI for business use cases or applications.

Client Relationships and NPS Scores

Company follows a long-term engagement approach with its clients. As of September 30, 2025, Fractal’s top ten clients had worked with the Company for an average period of over eight years. Client feedback is tracked using Net Promoter Score (NPS), which ranged from 73 to 78 for Fractal.ai segment in recent periods.

People and Culture: A “Great Place to Work

Company focuses on organisational stability and keeping employee engaged. The Company has been certified as a “Great Place to Work” from 2018 to 2025 in multiple regions. Its employee trust index scores have remained above 75 for several years, showing a consistent workplace culture.

Market Scale: A US$143 Billion (₹12 Trillion) Global Industry

In FY 2025, the global DAAI market was valued at US$143 billion (₹12 trillion) and is a main driver of enterprise digital spend. The industry is highly concentrated with five main sectors. In FY 2025, BFSI, Healthcare (HLS), Retail, CPG & TMT together made up of 80% of global market share.

Global DAAI Market: US$310 Billion Opportunity by 2030

Growing at 16.7% CAGR, The total addressable market is expected to reach US$310 billion (₹23 trillion) by FY 2030. Gen AI is a major driver, with growth rates in specific industry as follows:

• Healthcare & Life Sciences (HLS): 18.2% CAGR
• BFSI: 16.7% CAGR
• TMT: 15.7% CAGR
• Retail & Distribution: 15.2% CAGR
• Consumer Packaged Goods (CPG): 15.0% CAGR

Mega-Trend: The Rise of Agentic AI

A major change in the industry is the rise of Agentic AI. It creates autonomous systems that can set independent goal and make decision with minimal human intervention. This change or evolution is moving the industry from traditional pattern recognition to independent, context-aware business operations.

The Shift to Third-Party AI Specialists

Companies are increasingly shifting from in-house setups, and spending on third-party digital service expected to grow at 9.4% CAGR through 2030. This change is caused by a severe shortage of niche talent (like ML architects & AI engineers). Companies also need pre-built technology stacks which is provided by third-party specialists like Fractal.

• “Financial data is consolidated and taken from the Red Herring Prospectus (RHP) dated February 2, 2026.
• H1 FY26 figures cover the six months ended September 30, 2025 and are restated and unaudited as per SEBI guidelines.
• EPS for H1 FY26 is for the actual period and is not annualised.
• EPS and NAV are calculated based on pre-issue equity share capital.”

• Strong IP Portfolio: It reports more DAAI-specific patent filings per employee than most pure-play DAAI service peers.
• Hybrid Business Model: It offers both licensed AI products as well as analytics & AI services. On other hand, peers focus only on services or software.

• Client Concentration Risk – More than 54% of Fractal.ai segment revenue comes from its top 10 clients, and almost 80% from Must Win Clients (MWCs). So keeping these clients is very important for company success. If company fails to maintain or grow these client relationships, it could decrease revenue, harm cash flows and negatively affect overall business performance.
• Industry Concentration Risk – The company earns 37.5% of Fractal.ai revenue from CPGR, 27.2% from TMT, 17.0% from HLS and 12.2% from BFSI industries. A slowdown, regulations changes or clients adopting AI in-house could lower demand, reduce revenue & harm financial performance.
• Financial related risk – Company had a net loss of ₹547 million in FY 2024, even though its EBITDA was positive at ₹972 million. It also reported losses before exceptional items in FY 2024 and 2023. Ongoing spending on R&D, product innovation and acquisitions could increase costs and affect future profit if revenue growth does not keep pace.
• Litigation and Legal Risk – The Company, its Subsidiaries and two Directors are involved in legal, tax and regulatory cases, including ₹9,158 million in claims against Directors & ₹881 million against the Company. Unfavorable rulings could increase liabilities, raise expenses, and negatively impact business, cash flows & reputation.
• Geographical Concentration Risk – Company makes 64.9% of its revenue from the US, 21% from Europe, and 13% from APAC & other countries around. This exposes company to global operational risks. Any Changes in rules, taxes, currency or political conditions could increase costs and affect revenue & profitability.
• Employee Attrition and Talent Risk -Developing AI, including Gen AI, required skilled people. As of September 30, 2025, company had 5,722 full-time & 149 outsourced staff. Losing talent or higher employee costs could harm growth, productivity and profits.
• Foreign Exchange Risk – More than 90% of company’s revenue comes from foreign currencies, mainly U.S. dollars, pounds and euros. Changing exchange rates or limits on hedging and repatriation could lower profits and negatively affect financial results.

• Strong and Diversified Client Relationships – The company works with marquee clients across CPGR, TMT, HLS, and BFSI, including Citi, Nestle and Mars. Top 10 clients contributed 54.2% of company revenue and company works with them for an average of 8 years. Net Revenue Retention in the Fractal.ai segment was 114%, showing deep, long-term client relationships.
• Deep and Integrated Technical, Domain and Functional Expertise – Fractal provides complete (end-to-end) AI solutions using its over 25 years of expertise. Its technical strengths include Gen AI, machine vision, cloud and algorithmic decision-making. Domain expertise covers CPG, TMT, and HLS industries, with products like Trial Run and Cogentiq Digital Commerce. Its functional expertise covers sales, supply chain, finance and data teams. Partnerships with Google Cloud, Databricks, OpenAI, and C3 AI enhance company capabilities.
• Track Record of Innovation – Fractal invested ₹1,436 million in R&D in FY25 and has 28 patents. It develops AI products like Cogentiq and Kalaido.ai, while acquisitions and the IndiaAI Mission helps strengthen its capabilities. Its employees also contribute to global AI research.
• Culture of Trust, Transparency and Talent Development – Fractal had 5,722 employees as of September 30, 2025. Fractal uses selective hiring, multiple recruitment channels and employee referrals, this helped in maintaining attrition rate low at 15.7%. Its award-winning learning programs, AI-powered training, and global recognition help keep employees engaged and retained.

• Pranay Agrawal – He is Co-founder & CEO, with more than 25 years of industry experience. He manages global business operations and key client relationships( mainly in North American market).

Promoter Group

• Chetana Kumar – She leads the Sustainability & manages company’s CSR and ESG (Environmental, Social and Governance) initiatives.
• Narendra Kumar Agrawal – A senior professional with leadership and governance experience who provides strategic guidance to promoter group.
• Rupa Krishnan Agrawal – A business professional with a commerce background. She helps in strategic planning at the promoter-group level.

As of February 12, 2026, GMP of Fractal Analytics is approximately ₹0 to ₹2. For live GMP updates, you can visit — “ ARJANAM IPO – GMP PAGE”🚀.

✅On day 3 (Final Day), IPO was subscribed 2.66 times in total.The Retail portion finished at 1.03x, while the QIB portion led at 4.18x. For hourly updates, check “ARJANAM IPO – Subscription page 🔔.

You can check allotment status on our dedicated “Arjanam Ipo – Allotment Status” page or on the official registrar’s website 💻.

Fractal Analytics shares are likely to list on the exchanges on Monday, February 16, 2026📈.

In case of non allotment, refunds will start on February 13, 2026💸.

Retail investors must apply for a minimum of 1 lot (16 shares). At the upper price band, total amounts of investment is ₹14,400 💸.

The Basis of Allotment (BOA) is expected to be finalized on Thursday, February 12, 2026 📌.

Issue will open for subscription on February 9, 2026 and will close on February 11, 2026🔒.

For successful applicants, shares are expected to be credited in Demat accounts by Friday, February 13, 2026💎.

The price band has been fixed at ₹857 to ₹900 per equity share🎯.